Question: There are situations when it is necessary to reduce the cost of the project, but maintain the same scope ( known as value engineering )

There are situations when it is necessary to reduce the cost of the project, but maintain the same scope

(

known as "value engineering"

) .

For example, a project is launched to install safety cameras in an airport parking lot, but the budget is constrained, so the financial allocation is reduced. Despite the limited funds, the project must continue. To meet the new budget requirements, the project manager may consider the technique referred to as build versus buy.

Please respond to the following questions:

What are the benefits of building versus buying? When should a project manager take this route?

What are the benefits of buying versus building? When should a project manager take this course of action?

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